Recently PayPal has run into trouble in India with RBI bringing in rules for transferring fund to India. As a result of this PayPal closed personal transfer to users in India and bank transfer were returned back. The bank transfer was subsequently started once again on March 3rd. Now PayPal Indian users need to furnish the PAN card details for using PayPal. This information needs to be entered when you login to PayPal.
PAN or permanent account number refers to a 10-digit alphanumeric number issued in the form of a laminated card, by the Income Tax Department in India.
Why do you need a PAN number for using PayPal?
- PAN number is compulsory for all financial transactions as per Indian laws and regulations.
- PAN number provides you with a unique identification and makes it easier for PayPal to track your financial transactions.
- You need to have a PAN number (made mandatory by the Income Tax Department) in order to file for return of income as well as on all correspondence with any income tax authority in the country.
So from now on, if you are a PayPal user and does not have a PAN card, you need to get one. To download PAN application forms or to learn more, click here.